Russian stock market collapses after ruble’s fall

The Russian stock market suffered a collapse on Tuesday due to devaluation of the ruble against dollar and euro.

Russian newspaper Gazeta.ru has reported, citing data from the Moscow Stock Exchange.

Securities of Sberbank, VTB, oil and gas companies in Russia were affected by downward market trend.

The MICEX index fell by 7.9%, to 1324.92 points, while the RTS declined by 11.2% to 650.03 points.

Sberbank shares were down, with depositary receipts declining by 17.58%, and ordinary shares falling in value by 13.39%. VTB’s GDRs dropped in price by 5.82%, and its ordinary shares by 2.22%.

Shares of Russian oil and gas companies are also dropping. Gazprom’s GDRs fell by 18.51%, and its shares by 10.02%; Rosneft’s GDRs lost 11.87% of their value, and ordinary shares fell by 8.19%.

RusHydro’s depositary receipts lost 9.80% of their value, while the company's shares were 8.01% down.